Grameen Telecom entity gets digital wallet licence

Samadhan Services Ltd, a concern of Grameen Telecom, has received a licence from the central bank to operate as a payment service provider (PSP) in Bangladesh.

The Bangladesh Bank issued the licence on June 2 under the Payment and Settlement System Act 2024.

Samadhan Services first applied for the licence on November 16, 2021. Although the company met the requirements to obtain a No Objection Certificate (NOC), the central bank delayed its decision until August 2024.

The NOC was finally granted on September 29 last year, paving the way for the company to secure the PSP licence, according to officials familiar with the process.

The board of directors of Samadhan Services comprises nine members, most of whom were nominated by Grameen Telecom.

The company's chairman, M Shahjahan, is a former managing director of Grameen Bank, while its managing director, Md Ashraful Hassan, also serves as the chairman of Grameen Telecom.

A PSP enables electronic payments and transaction settlements through scheduled banks or financial institutions.

There are currently eight PSPs licensed by the central bank, including iPay Systems, D Money Bangladesh, and Recursion FinTech.

Industry insiders said mobile network operators Robi and Banglalink are eager to enter the digital wallet market, while online platforms like Daraz and Chaldal have already applied for PSP licences.